California News Blog

The Poway real estate market is heavily dependent on the larger trends of the San Diego county real estate market. The trend for this general area has been largely positive in recent months, according to an April 16, 2010 article in the Los Angeles Times. This article found that “A decline in the number of foreclosures and the comeback of higher-priced coastal areas drive the increase…The median price paid for a California home in March jumped 14.3% compared with the same month last year, reflecting a reduction in the number of foreclosure properties on the market and the comeback of higher-priced coastal areas.” The piece continued to note, written by Alejandro Lazo, continued to find that “Statewide, the median price paid for a home in March was $255,000, up from $223,000 in March 2009. It was the fifth consecutive year-over-year increase after 27 months of declines.”

An especially encouraging sign for Poway homes for sale was a decreasing number of foreclosures, according to an April 23, 2010 article in the Valley News. According to this piece, “The number of Riverside County homes slipping toward foreclosures dropped by 49.9 percent in the first quarter of the year, compared to the same period in 2009, a real estate information service reported Tuesday.” This article continued to note that “Lenders sent default notices to 8,474 homeowners in Riverside County in the first quarter, down from the previous year’s first-quarter total of 16,906, according to La Jolla-based MDA DataQuick. Meanwhile, the number of San Diego County homes slipping toward foreclosure dropped by 39 percent in the first quarter of the year, compared to the same period in 2009.”

However, there may be trouble on the horizon for Poway real estate, as a major lending crisis may be on the horizon for the region. According to an April 13, 2010 article in the North County Times, “Bank of America, the nation’s largest mortgage lender, ramped up its foreclosure activity in March, sending hundreds of letters warning delinquent borrowers in the region that it could sell their homes at auction in as little as three weeks, according to North County Times analysis of data from ForeclosureRadar. The bank said the increased activity was a natural consequence of borrowers running out of options.”